The insurance giant's chief executive Inge Beale told the BBC it expects its Brussels employee footprint to be "in the 10s". She added 95 per cent of Lloyd's business will be written by London.

And speaking to City A.M. Nelson said: "I don’t think that setting an EU business for Lloyd’s will have a very significant impact on the Lloyd’s market overall. If you look at it, it’s a relatively small part of our business."

He also told Bloomberg:

I personally believe that London will remain the major financial centre for Europe... It’s certainly going to remain the major financial centre for Lloyd’s.

"What we do hope is that by going onshore, it brings us closer to the EU customer base. It may help our business in Europe.

“We’ve come up with a structure, with the help of the Belgium regulators – who’ve displayed great imagination, flexibility and professionalism – where we may be able to attract more business that we don’t have today from third party carriers onto the Lloyd’s platform."